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CAF promotes the reactivation of Latin America with projects in rural roads, energy, social infrastructure and SMEs for USD 681 million

CAF held its annual meeting in Montevideo, Uruguay, to approve financing operations for a total of USD 681 million in Argentina, Bolivia, Brazil, Ecuador, El Salvador and Paraguay
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Committed to economic reactivation and to being the region's green bank, the Board of Directors of CAF, Development Bank of Latin America, approved financing operations for a total of USD 681 million in strategic sectors such as road corridors, energy transition, social infrastructure, and support for the private sector, especially small and medium-sized enterprises (SMEs), among others, at its last meeting of the year held in Montevideo, Uruguay.

"Latin America and the Caribbean have an agile and efficient CAF that provides solutions to the short-term challenges of a year marked by high inflation, uncertainty in the global context, and the aftermath of the pandemic, as well as long-term challenges through climate change mitigation, the reconstruction of Manabí and Esmeraldas in Ecuador, and support for SMEs in Brazil, among others, which will allow us to offer more well-being and opportunities to the people of the region," said Sergio Díaz-Granados, CAF's Executive President. 

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The Board of Directors, composed of the Ministers of Economy and Finance, Presidents of Central Banks and senior economic authorities of CAF's shareholder countries, approved operations that will promote sustainable development in Argentina, Bolivia, Brazil, Ecuador and Paraguay

  • CAF promotes the development of productive rural roads in Argentina and green projects and energy security for Pan American Energy with USD 400 million
  • CAF approves USD 81 million credit for construction and asphalting of an important road section in Oruro
  • CAF approves increase of credit line to USD 100 million for the São Paulo State Development Agency
  • CAF to allocate USD 100 million for the provinces of Manabí and Esmeraldas 

CAF's board of directors also approved the Policy on Access to Information and Institutional Transparency, which is the first policy developed by CAF in terms of access to information and transparency in a concrete and comprehensive manner. In addition, it will promote the democratisation of information through various channels that allow for its dissemination, the strengthening of governance and accountability, as well as the reaffirmation of CAF's commitment to be a more transparent and proactive bank in the disclosure of information. 

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As part of the activities of the 176th Board of Directors' meeting in Uruguay, the regional launch of CAF's flagship publication, the Economy and Development Report (RED2022), entitled: Inherited Inequalities: the role of skills, employment and wealth in the opportunities of new generations, which identifies the main barriers to social mobility that are configured on the basis of inequalities of origin, including those of family socioeconomic level, ethnicity, gender and geography, took place. 

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The Enrique García Leadership Award was also launched, aimed at young people between 15 and 24 years of age to recognise their leadership in activities, ideas or initiatives that have had an impact on Latin America and the Caribbean, as a tribute to the contribution of former President Enrique García in the transformation of the Andean Development Corporation into an organisation with a Latin American and Caribbean dimension, with 21 member countries in the region, as well as Spain and Portugal, and a portfolio of more than USD 20 billion under his leadership between 1991 and 2017.

Finally, the CAF Bicicleteada por Montevideo was held, a free event with the support of the Municipality of Montevideo, which is part of the initiatives promoted by the entity to reduce the environmental impact and help improve the lives of Latin Americans and Caribbeans, in addition to generating meeting spaces through culture and sport, promoting integration and contributing to the wellbeing of all citizens. The activity is in memory of Soraya Azán, who was a CAF mobility specialist and shared her passion and experience in the planning, construction and management of urban transport systems in Latin America and the Caribbean for more than 25 years.